In the January-July period this year, China’s machinery industry achieved an operating revenue of RMB 15.9 trillion ($2.2 trillion), up 8.0 percent year on year, while posting a gross profit of RMB 903.65 billion ($126 billion), rising by 8.4 percent year on year, according to the China Machinery Industry Federation (CMIF).
The increases in revenue and gross profit recorded by the machinery industry were higher than those recorded by overall national industry in the first seven months.
Recently, China’s Ministry of Industry and Information Technology (MIIT) jointly issued its Work Program for Stabilizing Growth in the Machinery Industry (2023-2024) with other six government departments, stating that China aims to achieve a year-on-year rise of three percent in the operating revenue of the machinery industry in 2024, with a target of RMB 8.1 trillion ($1.1 trillion) for the given year.